Political Quotes

“today I will vote for the Small Business Job Protection Act. The highlights of the bill in my view include the expansion of the expensing provisions for small business, the package of S corporation reforms and pension simplification items, and the employer-provided educational assistance provision. If signed into law, these provisions will do a great deal of good for small businesses in this country and will in turn provide real job opportunities for American workers. However, I must express my deep concern with regard to that portion of this bill which would phase out section 936 of the Tax Code over a 10-year period. Section 936 of the Tax Code provides tax incentives to companies that locate production facilities in Puerto Rico. Frankly, I have been concerned that many of those who will vote for this entire package know little about the positive impact that section 936 has had on employment in Puerto Rico. Nor, I fear do they appreciate the negative impact that eliminating section 936 will have with regard to the economic vitality of Puerto Rico and what the decline in that regard will mean to our Federal budget in the long run. Having served on the committee with jurisdiction over this issue for the past 20 years, the Ways and Means Committee, I can unequivocally report to my colleagues that section 936 has been one of the most successful provisions in our entire Tax Code.”